Forbes reports continued solid inflows into high-yield as an asset class, but a change in the composition of those flows. HY funds saw modest outflows last week with HY ETFs saw strong inflows.
They don't speculate about the cause (good discipline on their part) but I might (booo for me). It might be longer-term investors rebalancing at midyear (though HY trails investment grade YTD) or it might be shorter-term investors moving into a vehicle that gives them a hair-trigger.
Or something else altogether.
David
p.s. a note to DRMoran, I
am trying to dehyphenate but it's hard.
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